Tax Benefits

Tax Benefits. Means the net operating loss carryovers, capital loss carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a "net unrealized built-in loss" within the meaning of Section 382 of the Code, of the Corporation or any direct or indirect subsidiary thereof.

Tax Benefits. As to any entity (or group of entities) means the Net Operating Loss, Net Capital Loss, and Credits generated by or available to such entity (or group of entities) and any carryforwards thereof

Tax Benefits. Means, for any Taxable Period, the excess, if any, of (a) the total amount of U.S. federal, state, local and foreign income and franchise taxes that would be payable by Whiting or any other member of the Buyer Group in respect of such Taxable Period if the Tax Benefit Base Amount for such Taxable Period were not taken into account ("Notional Tax Liability"), over (b) the total amount of U.S. federal, state, local and foreign income and franchise taxes payable by Whiting or any other member of... the Buyer Group in respect of such Taxable Period after taking into account the Tax Base Benefit Amount for such Taxable Period (the "Actual Tax Liability"); provided, however, that the Tax Benefits for any Taxable Period shall be no less than the Tax Benefits calculated without giving effect to any items of income, gain, expense, loss, deduction, credit or related carryovers or carrybacks directly attributable to or related to any businesses, assets or liabilities other than (i) the businesses conducted by Whiting or any other member of the Buyer Group prior to Closing, (ii) any assets held by Whiting or any other member of the Buyer Group immediately prior to Closing and (iii) any liabilities of Whiting or any other member of the Buyer Group immediately prior to Closing (the "Minimum Tax Benefits"). Any Tax Benefits hereunder shall be determined using the method of reporting (i.e., consolidated, combined or separate returns) actually utilized by Whiting or the particular member of the Buyer Group. In any Taxable Period ending prior to or on the date of a Change of Control, the Tax Benefits shall equal the amount calculated as provided above in this Section 1.38. In any Taxable Period ending subsequent to a Change of Control, the Tax Benefits shall be the greater of (i) the Tax Benefits calculated as if a Change of Control had not occurred, with the Notional Tax Liability and the Actual Tax Liability calculated by including only items of income, gain, expense, loss, deduction, credit and related carryovers and carrybacks directly attributable or related to the businesses conducted by Whiting or any other member of the Buyer Group prior to the Change of Control (the "Historic Businesses") and excluding all items of income, gain, expense, loss, deduction, credit or related carryovers or carrybacks not attributable or related to the Historic Businesses as conducted by Whiting or any other member of the Buyer Group prior to the Change of Control (including, without limitation, any interest expense incurred by Whiting or any other member of the Buyer Group after the Change of Control, whether or not to a related person, or any fees, expenses or other charges to any related person unless directly related to the Historic Businesses as conducted by Whiting or any other member of the Buyer Group prior to the Change of Control), (ii) the excess of the Notional Tax Liability over the Actual Tax Liability, calculated by including all items of income, gain, expense, loss, deduction, credit and related carryovers and carrybacks of any corporation or group of corporations filing a federal or other consolidated, combined or unitary income or franchise tax return entitled to the Tax Benefit Base Amount, and (iii) the Minimum Tax Benefits. View More

Tax Benefits. Shall mean the right to claim such deductions, credits, and other benefits as are provided by the Code to an owner of property, including the Recovery Deductions and Amortization Deductions. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles.

Tax Benefits. Has the meaning set forth in ss.8(e) below.

Tax Benefits. (i) in the case of a Tax for which a consolidated federal, or a consolidated, combined or unitary state or local, Tax Return is filed, the amount by which the Tax liability of the Affiliated Group or other relevant group of corporations is actually reduced on a "with and without" basis (by deduction, entitlement to refund, credit, offset or otherwise, whether available in the current Taxable Year, as an adjustment to taxable income in any other Taxable Year or as a carryforward or carryback and... including the effect of such reduction on other Taxes), plus any interest received with respect to any related Tax refund, and (ii) in the case of a Tax for which a separate Tax Return is filed, the amount by which the Tax liability of a corporation is actually reduced on a "with and without" basis (by deduction, entitlement to refund, credit, offset or otherwise, whether available in the current Taxable Year, as an adjustment to taxable income in any other Taxable Year or as a carryforward or carryback, and including the effect of such reduction on other Taxes), plus any interest received with respect to any related Tax refund. View More